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AGGREGATE SUPPLY SHIFTS: Changes in the aggregate supply determinants can shift either the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. We have two options -- an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource prices shift the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource prices shift the aggregate supply curves to left.

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Lesson 10: Utility and Demand | Unit 1: The Set Up Page: 2 of 21

Topic: Bring On Utility <=PAGE BACK | PAGE NEXT=>

  • Some definitions:

  • Utility is the satisfaction of wants and needs obtained from the consumption or use of goods and services.
  • Utility maximization is the process of obtaining the highest possible level of utility from the consumption or use of goods and services.
  • Constrained utility maximization is the process of obtaining the highest possible level of utility from the consumption or use of goods and services, under given restrictions, when the highest overall level of utility cannot be reached.
  • One last utility concept:

  • The law of diminishing marginal utility is a principle stating that as more of a good is consumed eventually each additional unit of the good provides less additional utility; that is, marginal utility declines as the quantity consumed increases.

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PRICE RATIONING

The distribution or allocation of a limited commodity using markets and prices. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses. Markets ration commodities by limiting the purchase only to those buyers willing and able to pay the price.

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